Oil's biggest day yet drags down stocks
NEW YORK (AP) - Oil prices made their biggest single-day leap ever Friday—clearing $139, dragging the Dow Jones industrials down nearly 400 points and raising the once-unthinkable prospect of $150 oil and even higher gas prices by the Fourth of July.
The meteoric rise of nearly $11 for the day piled atop an increase of almost $5.50 the day before, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.
And those weren't the only stunning numbers of the day: The government also reported the nation's unemployment rate zoomed to 5.5 percent in May, a monthly rise of half a percentage point, the biggest in 22 years.
Emphasis added by me.
Want some perspective?
Here's the last time Drudge went red for oil.
I think $200/barrel oil for 2009 is now a given.
But will it be $250/barrel by this time next year?
Are you still sure you want to vote for him?
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